Summary: Don’t overpay or regret your decisions.<br> <br><br> This may be simple, but many people do it wrong. Don’t get too emotional when purchasing your property and well ahead of the time that you look at purchasing land, spend a bit of time assessing the area and the typical market value and assessment values, so you aren’t robbed in the transaction.<br> Look at the wrong things, and you<br> could pay down the road!!!<br> You could end up at the wrong end of a disaster or lawsuit, so watch your back. You need to do your homework on the following items.<br> <br> Price of the Property / Budget<br> Property Layout<br> Legal Problems<br> Geographic Location and Environmental Risks<br> Hobbies, Enjoyment, Lifestyle<br> Current Residents<br> <br> Why would you need to consider all of these things? Most people will maintain a bug out property for a while with the intention of turning it into a home, homestead, or farmstead. <br> Even if you decide that you don’t want to live on your BOL full time, when SHTF, you may be forced to. If you follow all the steps I mention here, you will choose the perfect location for a Bug-Out Location or for a Homestead.<br> Today, We will be covering price and layout.<br> Simple techniques to assess price for your BOL or Survival Property<br> Don’t lose the farm because you chose the wrong one! Know what the heck you can afford and what you can’t.<br> Simple and Amazing Budgeting For Bug Out Location Purchases<br> If you don’t make smart choices when purchasing a Bug Out Location (BOL), you could eventually lose it because you couldn’t afford it in the first place.<br> Do you want to know what you can afford? I have a simple technique that can tell you something that is affordable according to what your income is.<br> Don’t Listen to the Lenders!<br> Typically, Lenders tell you that a mortgage payment with Principle, Interest, Taxes and Insurance (PITI) added together should be 28% of your monthly income. Don’t do this. This is an overextension of the typical person today. This doesn’t even cover the total price. Your First Purchase<br> Your first home price should not exceed your yearly income and the Monthly PITI should be no more than 20% of your taxable income.<br> Your First Purchase Shouldn’t Break the Bank<br> Your first home price should not exceed your yearly income and the Monthly PITI should be no more than 20% of your taxable income.<br> If you make $50,000 a year, then you shouldn’t purchase a home that exceeds this cost (I give a 5% deviation here). If you have a decent credit score, your mortgage will end up being $400 – $500 a month which will be somewhere around 10% of your monthly income.<br> Always provide a down-payment of 20%.<br> Always provide a down-payment of 20%, when you can. This will bring the monthly cost down to 2-300 dollars. It is totally worth it.<br> If you have horrible credit and no down payment, then you may achieve 20% of your monthly income, but you should consider if this is wise.<br> Don’t Endure Financial Strain after Your Bug Out Land Purchase<br> I am assuming that you already have rent or a mortgage payment that is eating up some of your income.<br> Your secondary location should be no more than half of your yearly income, and should cost less than 10% of your Monthly income. So your BOL should cost you (assuming you still earn $50,000 per year) less than $25,000 total and less than $500 per month. With decent credit, this would actually be around 2-3 hundred dollars per month.<br> Cheap Land with a Large Down Payment will make your Bug Out Location affordable.<br> You will have to achieve this one of the following ways.<br> Choose Cheap Land – This option doesn’t mean that you don’t get what you want. You can get creative on how you will achieve this with repossessions or land that needs some TLC or work.<br>
